Essar Ports seeks shareholders' approval to invest in Mozambique's Beira coal terminal.

Essar Ports has sought the approval of its shareholders to invest up to $25 million (about Rs. 150 crore) in a joint venture, which plans to develop a coal terminal at the Beira port in Mozambique.

The investment will be made for developing the terminal with 10 million tonne (mt) a year capacity and also to provide a corporate guarantee of up to $10 million on behalf of the joint venture, the Essar group firm said in its notice to the shareholders. Their nod has been sought through postal ballot.

'Resolved that pursuant to Section 372 A and other applicable provisions of the Companies Act, 1956...approval of the company be and is hereby accorded for investment in New Coal Terminal Beira (NCTB) either directly/through a subsidiary/an intermediate company for an amount not exceeding $25 million.'


HBL